Products Offered
The company is the associated subsidiary of the international brand known as Ekulo International Limited. The company was established in the year 2015 and it is situated in Victoria Island, nigeria. The company is one of the largest wine selling company that is currently present in Nigeria. The different product that are provided by the company to the associated customers includes sample, non alcoholic drink, spirit and alcopop and different types of wine. Other products that are sold by the company includes accessories of wine which are glasses, wine cellars and decanters. There are wide varieties of products that are provided by the company which helps it in targeting a wide number of customers and meet their needs. There are currently many customers in Nigeria that are associated with the company. The main competitors of the company includes Mashayo, Top Wine Limited and Wine and Things (Onwumah, Okoronkwo and Effiong 2019).
The internal stakeholders that are associated with the company includes employees of the company, distributor of the product, retail seller of the product. The external stakeholders of the company includes grape growers, wine producer, customers of the company and representing government. The stakeholders of the company play a very crucial role in the overall development of it and they also look forward to identify various opportunities that can be utilised by the company in terms of growing in the future market scenario.
The consumers that are targeted by the company includes young people and people between the age group of 30 to 39 years. These are the target customers that are going to be selected for the marketing plan that is going to be initiated for the company in this report. The thing that has been selected for this report includes competitive advantage through customer experience. The reason for selecting this thing is to understand the process by the help of which customer experience can be enhanced in order to gain competitive advantage in the market of wine industry in Nigeria.
Porter’s five forces analysis
Threat of new entrants (low)– There are many existing companies that are present in Nigeria which creates a lot of competition in the market of wine industry. Under this context it must be stated that the trait of the new interest in the wine industry of Nigeria can be stated to be low for the company.
Bargaining power of buyers (low)– Bargaining power of the buyers that are associated with the company is very low as the optimum quality of the wind that is provided by the company is much better as compared to that of most of the companies that are present in the market. Under this contract can be stated that the buyers that are present in the market do not have much power over the company.
Threat of substitute products (low)– There is currently no presence of any substitute product that is going to imitate the consumption of wine from Nigeria. Under this context it can clearly be stated that he wine consumption in Nigeria is much better as compared to other alcoholic drink that are currently consumed by the people in the country (Nwaiwu et al. 2019).
Stakeholders
Bargaining power of suppliers (high)– There are presence of many companies in the wine industry and the number of good quality suppliers in Nigeria is quite low. Under this context the bargaining power of the suppliers is quite high in the market which creates a major challenge for the company.
Rivalry among existing companies (high)– There are presence of many top competitors in the market that creates a lot of competition in the wine industry of Nigeria. Looking at the present perspective of the business and the current position of the company it can be stated that the rivalry among the existing companies is quite high which makes it essential for the company to gain a competitive advantage in the market.
SWOT
Strength –The major strength of the company include the wide range of products that are provided by the company. The company is a part of a larger brand which has a much in enhanced brand image in Nigeria that creates a competitive advantage among the other companies in the country. The quality of the product are optimum in nature along with competitive price.
Weakness –The weakness of the company includes the lack of digital marketing strategy by the help of which it can attract more number of customers that are going to be associated with it. The company does not sale other alcoholic products like whiskey which is a major weakness of it.
Opportunity –The opportunities that lie in front of the company is the utilisation of digital marketing strategy effectively in order to target the customer that are associated with the company.
Threats –The major threat in front of the company is the impact that has been generated by covid-19 in the industry (Apeh and Opata 2019).
Assessment – By looking at the current position of the company it can be stated that it is in the growth stage of the life cycle of the company and there are wide opportunities that are available in front of it by the help of which it can established in the global market and expand effectively in the future.
The marketing objectives that are associated with the company includes –
- Utilization of social media marketing by the help of which will it possible to increase the number of customers that are associated with the company.
- Increasing the number of customers by more than 10% in the upcoming three years.
- Increasing the traffic of the consumers in the website of the company by 15%.
- Increasing the sales of the wind product by 15% in the next three years.
- The company will be increasing the online sale of the products by 15%.
The above selected marketing strategies of the company is going to be achieve by taking into account the importance of the current perspective of the market and also looking at the wide opportunities in terms of the expectations of the customers that are present in the industry. Designing the online website of the company in such a way that it attracts the attention of the customers from a wide range of sources is going to be a viable option for the company in the future. Looking at the present perfect of the market it can clearly be identified that with the opportunities that are available in front of the company it will be easier for it to achieve the above stated marketing strategies by the help of proper strategic options.
Segmentation – The market segmentation that is going to be targeted by the company includes young people between the age of 21 – 25 years and targeting consumers between 30 to 39 years of age. Segmentation is conducted keeping in mind the number of consumer that consume alcohol on a regular basis in Nigeria. The selection of the market segment is going to be a viable option for the company in terms of attracting a wide number of customers and it will also be possible for the company to ensure the fact that with the help of proper marketing strategies the target customers that has been identified above will be achieved by the company in the future. From the wide number of target segment that is currently present in Nigeria in the wine industry, selection of the above stated customer is going to be a viable option for the company in terms of increasing the market share and also ensuring the fact that the number of customer that are associated with company will be very much helpful in terms of increasing the market share in the future. Market segmentation is selected best on the fact that the company is capable of implementing various strategies by the help of which it is possible to number of customer of the company in the future.
Market Analysis
Target -The segment that has been selected by the company above has high potential in terms of consuming wine on regular basis. It has already been identified that while conventional in Nigeria is increasing at a faster rate and it is a major opportunity that needs to be utilised by the company in order to increase the number of customers that are associated with it and also the profit margin in the future in a proper and effective way. In terms of commercial effectiveness it can be stated that the above stated market segmentation is going to be a viable option for the company in terms of increasing the current perspective on the market and also looking at the white opportunity that are available in front of it. The market segment that has been targeted by the company needs to be reached with the help of digital marketing strategy which is going to be initiated by taking into account the current perspective of the company and the various strategies that can be implemented in terms of reaching new generation customers in Nigeria (Nneamaka 2019). The company needs to apply strategies that are going to be evaluated in terms of the current position of the company in the market.
Positioning – The product positioning that is going to be selected for the company includes selling the product in the higher strata of the society. The company will be targeting the premium customer segment and it will also be targeting the middle segment of wind industry. The selection of this product positioning is conducted keeping in mind the range of the products that are being provided by the company in the present market scenario. An optimum marketing mix is going to be conducted for each of the selected segment that has been identified for the company.
Product – The product positioning that is going to be selected for the company includes selling the product in the higher strata of the society. The company will be targeting the premium customer segment and it will also be targeting the middle segment of wind industry. The selection of this product positioning is conducted keeping in mind the range of the products that are being provided by the company in the present market scenario. An optimum marketing mix is going to be conducted for each of the selected segment that has been identified for the company.
Price – The price of the product of the company is going to be in accordance to the current market price that has been initiated by the competitors company in the wine industry of Nigeria. The strategy that is going to be utilised by the company will be price differentiation strategy. With the help of price differentiation strategy it is going to be possible for the company to ensure the fact that the customer segment that has been selected for the company can be targeted in a better way which will be helpful for the company in terns of attracting the attention of the consumers and also to gain a competitive advantage in the market of Nigeria (Adéoyè 2018).
SWOT Analysis
Place – The products of the company is going to sold from the online store of the company and the existing offline source of the company. The marketing of the products of the company will be conducted by the help of digital marketing strategy and physical campaign strategy.
Promotion – the promotion of the products of the company will be conducted by the help of conducting campaigns and digital marketing strategy. With the help of this strategy, it will be possible for the company to attract the attention of a wide range of customers in the present scenario of the market and also enhance the brand image of the company in a proper and effective way.
The budget that has been selected for the enhancement of the website of the company is very much important for implementing the digital marketing strategy of the company. Looking at the current strategy of the company it can be stated that implementation of the strategy is going to be very much essential for the company in terms of understanding the current perspective of the market. The budget allocated for the marketing campaigns of the company is going to play a very crucial role in the enhancement of the brand image of the company and also to ensure the fact that the company can attract the attention of the target customers that has been selected by it. Re-designing of the social media websites of the company is very much important in terms of ensuring the fact that the company can attract the attention of the customers in an efficient way and looking at the current perspective of the market it can be stated there are wide opportunities that can be implemented by the company in terms of enhancing the online presence of the company. Gathering feedback from the online websites of the company is going to be very much important in terns of looking at the wider aspects of the market and also ensuring the fact that the company understands the current trends in the market. Increasing the number of traffics in the website of the company is a very important aspect that needs to be implemented in the company in order to enhance the current brand image of the company. Under this context, implementation of a chatbot in the company will be costing the company the allocated budget which will be very much essential for the company (Omeire, Ezeonyia and Ekwe 2021). Gathering feedback from the customers and then implementing the feedback in the marketing strategies of the company is going to be a viable option for the company in terms of increasing the traffic in the website of the company also in increasing the overall sales of the company. And increase in the market reach of the company.
The metrics that are going to be used by the company in order to track the success of the strategies of the company are as follows –
- Comparison will be conducted between the previous number of users visiting the website of the company and the present number of customers visiting the website.
- Survey needs to be conducted in order to understand the current perception of the consumers about the product of the company.
- Comparison will be conducted between the previous sales of the company and the present sales of the company.
The main issue that has been identified after conducted states that the company has less online presence which is very much essential in terms of increasing the number of customers that are associated with the company. In terms of ensuring that the company will be capable of increasing market share and in order to ensure that the company can increase the number of customers that are associated with the company it is very much essential for the company to increase the online brand presence of the company. Other issue that has been identified for the company is that there is lack of optimum product portfolio of the company. The lack of different alcohol product for the company does not provide it with the opportunity to attract more number of number of customers towards the products of the company. The increase in the number of customers of the company is in accordance to the issues that are going to be solved by the company. Looking at the current presence of the company in the present scenario of the market in which the company is operating in. The key issues that are being faced by the company is in accordance to the present position of the company. However, in order to improve the brand image of the company the company needs to overcome the current issues that are being faced by the company in the present scenario of the market. Looking at the current performance of the company it can be stated that with the implementation of above stated marketing strategies (Stephen, Ugwuanyi and Antia 2018). With the initiation of online market presence and increase in the product portfolio of the company, it is possible to improve the customer Experience of the company. Increase in the customer experience will ensure that the company can increase the number of customers that are associated with it and the company will also be capable of increasing the number of customers in the global market. Improving the experience of the customers is dependent on the various strategies that can be implemented by the company in terms of increasing the brand image of the company. Increasing the marketing strategy of the company will be enhanced by ensuring the fact that the company can increase the current position of it in the market of Nigeria.
Assessment
The strategy that has been selected for the company is in accordance to the current Expectations of the customers and the various strategies that are used by the companies in the present perspective of the market. The current strategies that is going to be implemented by the company is in accordance to the current market position of the company. Selection of digital marketing strategy is the best option for the company in terms of ensuring the fact that the company can attract large number of customers and it can also be ensured that the company can initiate strategies which is going to be highly beneficial for the company in terms of the current strategies used by its competitors. In order to improve the market position of the c OK company with the help of customer experience it must be ensured by the company that it can look at the various opportunities which will be helpful in terms of the current trends that are available in the market. The company will also be capable of generating review and the implementation of ensuring the fact that the company is upto date with the present trends and Expectations of the company.
The product strategy that has been selected by the company is optimum in terms of the target market that has been selected by the company. Looking at the present demographics of the company it can be stated that the current product strategy of the company is in accordance to the current market perspective of the industry and the current process that is followed by the companies operating the wine industry in Nigeria. The products strategy is going to be provide the company with an opportunity to improve the current experience of the customers and generate proper profitability in the present performance of the company.
The pricing strategy of the company is one of the major strategies that are followed by the company in terms of generating competitive advantage in the market. The pricing strategy will provide the company with an opportunity to look at the wider capability of the market and there are also chances that the company can make the price of the product flexible in nature which is very much important in terms of increasing the market share and also ensuring the fact that the experience of the customers of the company can be enhanced the pricing strategy of the company will provide the company with an opportunity to generate high revenue in the future (Dibofori-Orji and Ali 2019).
The place strategy that has been selected by the company is in accordance to the different opportunities that are available in front of the company. With the help of this strategy the company will be capable of generating revenue for the company and be profitable in nature.
The promotion strategy of the company is also highly beneficial for the company in terms of increasing the opportunity of increasing the number of customers associated with the company.
The main success factors that are going to be initiated with the company is the implementation of the marketing strategy of the company in a proper and effective way. The implementation of the digital marketing strategy of the company is in accordance to the competition that is associated with the company in the present industry. With he implementation of digital marketing strategy it will be possible for the company to ensure the fact that the company can establish itself in the global market effectively and it will also be capable using the opportunity that is present in the market of Nigeria. In terms of the current capability of the market, the company will be using social media websites by the help of which it will be capable increasing the number of customers that are going to be aware about the number of customers that are going to be associated with the company and the customers will also be aware about the range of the products that are provided by the company. The name of the company might be misleading but looking at the wide range of possibilities that are associated with the company, it can be stated that the implementation of digital marketing strategies it will be possible for the company to generate competitive advantage that will also be improving the consumer experience and the company will be capable of generating a proper relationship with the customers that are associated with the company. Looking at the present capability of the company it can be state stated the company will be capable of generating more profit from the current capability of the market and it will also be ensured that the current perspective of the market can be improved by the company and the company will also be ensured that proper revenue can be generated from the current performance of the company (Ehirim, Okere and Ikheloa 2019).
Marketing Objectives
The metrics that has been selected for the company is very much essential in terms of understanding the current perspective of the company and the improvement in the performance of the company after the implementation of the new strategies in the operations of the company. Looking at the present perspective of the company it can be stated that there are wide opportunity in front of the company in terms of improving the market share and also in ensuring the fact that the measurement tools that has been identified will be helpful in terms of increasing the market share and also in ensuring the fact that the company can initiate changes in accordance to the Expectations of the customers and the current trends that are associated with the market in which the company is operating in. Looking at the current perspective of the market it can be stated that there are wider opportunity for the company with the opportunity of comparing the current performance of the company and the previous performance of the company as it will be very much helpful in terms of meeting the Expectations of the market and also being capable of utilising the capabilities that are associated with it. The utilisation of the survey that is going to be implemented by the company will be very much beneficial in terms of understanding the change in the perception about the company have been initiated after the implementation of the strategies if the company (Mba et al. 2019). The current measurement tools that are being used by the company is very much beneficial for the company in terms of increasing market share and understanding the changes that needs to be initiated by the company in order to gain competitive advantage in the wine industry of Nigeria.
Reference List
Adéoyè, M.A., 2018. Old wine, new bottle: Theatre design and transnational hybridity in lóbà dance of Adó–Èkìtì, Nigeria. Dance, Movement & Spiritualities, 5(2), pp.207-218.
Apeh, A.A. and Opata, C.C., 2019. The oil palm wine economy of rural farmers in Nigeria: evidence from Enugu Ezike, south-eastern Nigeria. Rural History, 30(2), pp.111-128.
Dibofori-Orji, A.N. and Ali, S.T., 2019. Physicochemical analysis of palm wine. Journal of Pharmacognosy and Phytochemistry, 8(1), pp.417-421.
Ehirim, N.C., Okere, R.A. and Ikheloa, E., 2019. Value Addition and Consumers’ Satisfaction Compromise: A Case of Raphia Wine Supply Chain in Imo State, Nigeria. Advances in Social Sciences Research Journal, 6(7).
Mba, E.H., Ekpo, A.S., Ozim, E.C. and Oladeinde, S.O., 2019. Assessment of traditional palm wine tapping practice: effect on vegetation in Nasarawa State, Nigeria. International Journal of Environment and Climate Change, 9(12), pp.841-851.
Nneamaka, N.T., 2019. Prospects of Oil Palm Wine and Raphia Palm Wine in South East, Nigeria. Prospects, 9(4).
Nwaiwu, O., Aduba, C.C., Igbokwe, V.C., Sam, C.E. and Ukwuru, M.U., 2020. Traditional and Artisanal Beverages in Nigeria: Microbial Diversity and Safety Issues. Beverages, 6(3), p.53.
Omeire, C.O., Ezeonyia, I.N. and Ekwe, K.C., 2021. SOCIO-CULTURAL DETERMINANTS OF PALM WINE CONSUMPTION AMONG RURAL HOUSEHOLDS IN ENUGU STATE, NIGERIA. JCCR| Journal of Community & Communication Research, 6(2), pp.293-301.
Onwumah, M., Okoronkwo, C.P. and Effiong, E., 2019. Molecular characterization of yeast isolated from palm wine in Alakahia, Rivers State, Nigeria. World Scientific News, 130, pp.297-304.
Stephen, N.U., Ugwuanyi, O.J. and Antia, U.E., 2018. Technological properties and sugar tolerance performance of palm wine yeasts isolated from parts of Nsukka, Nigeria. African Journal of Biotechnology, 17(31), pp.959-972.
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